CAMECO CORPORATION Corporate Office 2121 – 11th Street West Saskatoon, Saskatchewan Canada S7M 1J3 Tel 306.956.6200 Fax 306.956.6201 www.cameco.com

May 16, 2018

Canadian Securities Administrators

Cameco Corporation

Annual Meeting May 16, 2018

Report of Voting Results

Under National Instrument 51-102

In accordance with Section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, we advise of the results of the voting on the matters submitted to the annual meeting (the Meeting) of the shareholders (the Shareholders) of Cameco Corporation (the Corporation) held on May 16, 2018. Each of the matters set forth below is described in greater detail in the Notice for the Meeting and Management Proxy Circular mailed to Shareholders prior to the Meeting.

The matters voted upon at the Meeting and the results of the voting were as follows:

Item 1: Election of Directors

The following directors were elected to hold office for the ensuing year or until their successors are elected or appointed:

Ian Bruce	Tim Gitzel
Daniel Camus	Jim Gowans
John Clappison	Kathryn Jackson
Donald Deranger	Don Kayne
Catherine Gignac	Anne McLellan

Canadian Securities Administrators

May 16, 2018

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If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for the election of directors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

Vote Results Before Reduction of Non-resident Vote:

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		215,149,070		97.49	%		5,542,410		2.51	%
Daniel Camus		215,078,950		97.46	%		5,612,530		2.54	%
John Clappison		217,781,045		98.68	%		2,910,435		1.32	%
Donald Deranger		219,142,108		99.30	%		1,549,372		0.70	%
Catherine Gignac		218,859,735		99.17	%		1,831,745		0.83	%
Tim Gitzel		219,215,414		99.33	%		1,476,066		0.67	%
Jim Gowans		219,072,557		99.27	%		1,618,923		0.73	%
Kathryn Jackson		215,509,597		97.65	%		5,181,883		2.35	%
Don Kayne		208,664,831		94.55	%		12,026,649		5.45	%
Anne McLellan		213,614,899		96.79	%		7,076,581		3.21	%

Vote Results After Reduction of Non-resident Vote to 25%:

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		117,893,795		96.34	%		4,475,873		3.66	%
Daniel Camus		117,873,480		96.33	%		4,496,188		3.67	%
John Clappison		120,565,491		98.53	%		1,804,177		1.47	%
Donald Deranger		121,640,676		99.40	%		728,992		0.60	%
Catherine Gignac		121,584,529		99.36	%		785,139		0.64	%
Tim Gitzel		121,666,938		99.43	%		702,730		0.57	%
Jim Gowans		121,519,837		99.31	%		849,831		0.69	%
Kathryn Jackson		117,970,738		96.41	%		4,398,930		3.59	%
Don Kayne		114,645,004		93.69	%		7,724,664		6.31	%
Anne McLellan		117,366,458		95.91	%		5,003,210		4.09	%

Item 2: Appointment of Auditors

By a vote by way of show of hands, KPMG LLP was appointed auditors of the Corporation to hold office until the next annual meeting of Shareholders, or until their successors are appointed.

Canadian Securities Administrators

May 16, 2018

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If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for appointment of auditors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

Vote Results Before Reduction of Non-resident Vote:

Votes For	% Votes For	Votes Withheld	% Votes Withheld
248,458,425	98.05%	4,952,703		1.95	%

Vote Results After Reduction of Non-resident Vote to 25%:

Votes For	% Votes For	Votes Withheld	% Votes Withheld
119,509,828	97.66%	2,859,707		2.34	%

Item 3: Executive Compensation

On a vote by ballot, an advisory resolution was passed accepting the approach to executive compensation disclosed in Cameco’s Management Proxy Circular delivered in advance of this meeting.

The outcome of the ballot vote, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, was as follows:

Vote Results Before Reduction of Non-resident Vote:

Votes For	% Votes For	Votes Against	% Votes Against
201,067,072	91.11%	19,624,408		8.89	%

Vote Results After Reduction of Non-resident Vote to 25%:

Votes For	% Votes For	Votes Against	% Votes Against
113,977,521	93.13%	8,401,709		6.87	%

Cameco Corporation

By:	“Sean A. Quinn”
	Sean A. Quinn
	Senior Vice-President, Chief Legal Officer and Corporate Secretary